ANGAMALY: The Ernakulam District Co-operative Society Joint Registrar (General) has issued an order dissolving the governing body of The Angamaly Urban Co-operative Society Number (E1081) and appointing a new administrative committee. The action was taken after irregularities were found in loans given from the cooperative society since 2008.

Many loans including interest have been renewed. Loans were given only based on copies of title deeds of the property and in the name of minor students. It has been found that loans were given mortgaging the same property in the name of four people living in the same house and even in the name of deceased. There were loans worth Rs 120.39 crores as of March 31, 2024, of which loans worth Rs 96.74 crore were fake. The investigating officer also reported that she was convinced that only 25 per cent of the loan amount could be recovered from the mortgaged property.

An inspection of the MDS of the co-operative society found that Rs 1.37 crore was given without following any collateral conditions. The bank, which has a deposit of Rs 106.55 crore, is unable to refund the money to the depositors, the order said. MK Varghese Thuravoor, MP Martin Kidangoor and Daisy James Kavaraparambu have been appointed to the new administrative committee. MK Varghese is the convenor.